General Donlee Income Fund Announces New Normal Course Issuer Bid

    TORONTO, Aug. 20 /CNW/ - General Donlee Income Fund (TSX:
GDI.UN)announced today that it has filed a notice with the Toronto Stock
Exchange and received its approval to purchase, through the facilities of the
Toronto Stock Exchange for cancellation, up to 691,296 of its units,
representing approximately 10% of the public float outstanding as of July 31,
2007. As of August 10, 2007, there are 8,499,650 issued and outstanding units.
From February 1, 2007 to July 31, 2007, the average daily trading volume of
General Donlee units was 27,985 units. Under the TSX rules, the Fund may
purchase up to 25% of the average daily trading volume, or 6,996 units, on any
    The Trustees and Senior Management of General Donlee are of the opinion
that from time to time the purchase of units at the prevailing market price
would be a worthwhile investment and in the best interests of the Fund and its
Unitholders. As at July 31, 2007, General Donlee acquired 447,350 units by
means of open market transactions pursuant to the normal course issuer bid
that expires on August 20, 2007, at a weighted average price of $7.71 per

    Company Profile

    The Fund is a trust established to hold the securities of General Donlee
Limited ("General Donlee" or the "Company"). General Donlee is a leading
diversified manufacturer of precision-machined products for the military,
commercial and general aerospace industries, and also a specialist in the
manufacture of precision-machined products for the industrial products and
power generation industries. The Fund was established on March 14, 2002 and
commenced operations on May 3, 2002, when it completed an initial public
offering and purchased all of the outstanding shares of General Donlee
    General Donlee's operating strategy focuses on targeting niche markets
for products that are aligned with its sophisticated manufacturing
capabilities and skilled workforce. Management believes that the future growth
of the Company is dependent on its ability to leverage these resources into
long-term contracts for complex machining programs.

    %SEDAR: 00017571E

For further information:

For further information: Gerald Thain, Chief Financial Officer,
Telephone: (416) 743-4417, E-mail:, Web site:

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